以下为杨元庆朋友圈原文： （原标题：联想集团杨元庆悼念杨振宁：他对世间美好事物充满孩童般的好奇心） 21世纪经济报道记者 孔海丽 10月24日上午9时，杨振宁遗体告别仪式在北京八宝山殡仪馆大礼堂举行。10月18日，物理学巨擘杨振 宁逝世，科学界与产业界集体哀悼。 联想集团董事长杨元庆发文悼念杨振宁，称"杨先生对世间所有美好的事物都充满孩童般的好奇心，物 理只是他认识世界的通道之一，绝非唯一。杨先生的人生，是一个圆满的大圈。" 今天，向"走了一个大圈"的杨先生道别：您的人生，是一个圆满的大圈！ 杨先生千古！ 自小，杨先生于我都是"传说"。儿童时住在外婆家的大院，曾和一众小朋友自发列队欢迎多年后首次归 国省亲的杨先生，那是第一次得见先生尊容; 少年时读书的合肥一中，最知名的校友是杨先生; 高中时 捧着难啃的物理书，最佩服的就是年纪轻轻拿了诺贝尔奖的杨先生。 没想到的是，十几年前，传说中的大师杨先生竟然认了我这个"小"朋友，他说我们是本家，老乡，校 友。每次见面，杨先生都有讲不完的话题。物理只是他认识世界的通道之一，而绝非唯一，世间所有美 好的事物，文学、音乐、诗歌、绘画、书法，他都以孩童般的好奇心，以极其认真的态 ...

Core Insights - The successful IPO of domestic GPU unicorn Muxi Co., Ltd. on the Sci-Tech Innovation Board marks a significant milestone in the domestic computing power sector, with a planned fundraising of 3.904 billion yuan and a post-IPO valuation of 21 billion yuan [1] Group 1: Company Overview - Muxi's product matrix includes inference, training-inference integration, and graphics rendering, with its flagship product, the Xiyun C600, achieving a fully domestic closed loop in design, manufacturing, and testing, competing with international leaders like NVIDIA's A100 [2] - Lenovo Group, as an early strategic investor, holds nearly 1% of Muxi's shares and has collaborated on the "DeepSeek AI all-in-one machine," achieving rapid delivery and significant market penetration across various industries [1][2] Group 2: Market Context - The uncertainty in the global AI computing power supply chain has shifted domestic alternatives from an option to a necessity, with the Chinese AI server market expected to exceed 50 billion yuan by 2025, while the domestic replacement rate remains below 20%, indicating substantial growth potential [2] - Lenovo's collaboration with Muxi enhances its server product differentiation and positions the company to capture a larger share in the upcoming AI infrastructure cycle [2] Group 3: Investment Landscape - Other A-share companies associated with Muxi include Chunzong Technology, Zhongke Lanyun, Runtu Co., Ltd., and Youkede, each holding minor stakes in Muxi [3][4][5][6][7][8] - Lenovo stands out as the only company achieving a three-dimensional synergy of equity, products, and channels, enhancing its ability to capitalize on the domestic GPU capabilities and enjoy the benefits of domestic substitution [8]

Core Insights - The successful IPO of domestic GPU unicorn Muxi Co., Ltd. on the Sci-Tech Innovation Board marks a significant milestone in the domestic computing power sector, with a planned fundraising of 3.904 billion yuan and a post-IPO valuation of 21 billion yuan [1] - Lenovo Group, an early strategic investor, holds nearly 1% of Muxi's shares and has collaborated on the "DeepSeek integrated machine," positioning itself as a key player in the domestic AI computing power market [1][2] - The partnership between Lenovo and Muxi has evolved from financial investment to product collaboration, resulting in rapid delivery and significant market penetration across various industries [1][2] Company and Industry Summary - Muxi's GPU product matrix includes inference, training-inference integration, and graphics rendering, with its flagship product, the Xiyun C600, achieving a fully domestic closed loop in design, manufacturing, and testing, rivaling international products like NVIDIA's A100 [2] - Lenovo, as one of the top three global server vendors, leverages its mature supply chain and industry resources to enhance the usability of domestic GPUs, addressing the last-mile challenges in deployment [2] - The Chinese AI server market is projected to exceed 50 billion yuan by 2025, with a current domestic replacement rate below 20%, indicating substantial growth potential for domestic products [2] - Other A-share companies associated with Muxi include Chunzong Technology, Zhongke Lanyun, Runtu Co., Ltd., YK Cloud, and Shengyuan Environmental Protection, but Lenovo stands out for its comprehensive engagement through equity, products, and channels [3][4][5][6][7][8] - Lenovo's four-year investment in Muxi has not only yielded significant equity appreciation but has also integrated Muxi's GPU capabilities into its own product competitiveness, positioning it to benefit from the domestic replacement trend [8]

随着"十四五"规划进入收官之年，数字经济的发展成果与引擎作用有了更清晰的信息呈现。10月21日，源达证券发布研报显示，"十四五"期间，我国数字经 济实现超预期发展，在《"十四五"数字经济发展规划》的八项关键指标中，五项已提前超额完成，两项预计将如期达成，整体完成度极高，彰显出产业基本 面的强劲动能。 作为新质生产力的核心代表，数字经济展现出较强的产业韧性和辐射带动能力，不仅有效对冲经济增速放缓压力，也加快构筑起新的增长引擎。特别是在经 济下行阶段，其"支撑性"作用日益凸显，成为稳增长、促转型的重要力量。 在2024年世界互联网大会乌镇峰会上，工信部公布最新数据显示，中国数字经济规模已突破65万亿元，占GDP比重超过42%，增速保持在9.8%，远高于传统 经济增速。根据中国信息通信研究院测算，数字经济对GDP增长的贡献率达三分之二左右。 从企业来看，数字经济企业在这股产业发展大潮中，亦表现出强劲的增长动能。如联想集团2024-2025财年营收已接近5000亿元，同比增长21.5%。2025- 2026财年一季度，联想集团单季营收达到1362亿元，同比增长22%。 在此背景下，数字经济在我国经济高质量发展中的战略 ...

Core Viewpoint - Goldman Sachs forecasts Lenovo Group (00992) to achieve an average annual compound revenue growth rate of 11% from fiscal years 2025 to 2027, driven by increased AI PC penetration, higher unit value, and market share growth, along with contributions from mid-to-high-end server products [1] Group 1: Revenue Growth and Forecasts - The revenue forecast for fiscal years 2027 and 2028 has been raised by 2% and 1% respectively, due to increased revenue projections, stable gross margins, and a decrease in operating expense ratios [1] - Lenovo's PC shipments in September increased by 17% year-on-year, surpassing the global market growth of 9% [1] Group 2: Product and Market Developments - The company is expected to see further growth in its AI PC products, optimizing its PC product portfolio [1] - The server business is undergoing product upgrades, with price points moving towards $10,000 to $100,000, which is expected to drive growth in the Infrastructure Solutions Group (ISG) revenue [1]

Core Viewpoint - Goldman Sachs forecasts Lenovo Group (00992) to achieve an average annual compound revenue growth rate of 11% from fiscal years 2025 to 2027, driven by increased AI PC penetration, higher unit value, and market share growth, along with contributions from mid-to-high-end server products [1] Revenue Growth - The revenue forecast for fiscal years 2027 and 2028 has been raised by 2% and 1% respectively, due to increased revenue projections, stable gross margins, and a decrease in operating expense ratios [1] PC Market Performance - In September, Lenovo's quarterly PC shipments grew by 17% year-on-year, surpassing the global market growth rate of 9% [1] AI PC Products - The company is expected to see further growth in its AI PC products, optimizing its PC product portfolio [1] Server Business - The server product line is undergoing continuous upgrades, with price points moving towards $10,000 to $100,000, which is expected to drive growth in the Infrastructure Solutions Group (ISG) revenue [1]

Core Viewpoint - Goldman Sachs projects Lenovo Group's revenue compound annual growth rate (CAGR) to reach 11% from fiscal years 2025 to 2027, driven by increased AI PC penetration, growth in server business, and a significant year-on-year increase in PC shipments [1] Group 1: Revenue Growth Drivers - Increased AI PC penetration is expected to enhance unit value and expand market share [1] - Continuous development in the server business with a rising proportion of high-end server revenue [1] - Lenovo's PC shipments in the September quarter grew by 17% year-on-year, surpassing the global market's 9% growth rate, indicating positive market sentiment towards Lenovo [1] Group 2: Future Projections - Goldman Sachs anticipates further increases in Lenovo's AI PC production, optimizing the PC product structure [1] - The server business is expected to continue its trend of product structure upgrades, focusing on high-end products priced between $10,000 and $100,000, which will drive ISG revenue growth [1] - The rating for Lenovo is maintained at "Buy," with the target price raised to HKD 13.56 [1]

Core Viewpoint - Goldman Sachs projects Lenovo Group's revenue compound annual growth rate (CAGR) to reach 11% from fiscal years 2025 to 2027, driven by increased AI PC penetration, growth in server business, and a significant year-on-year increase in PC shipments [1] Group 1: Revenue Growth Drivers - Increased AI PC penetration is expected to enhance unit value and expand market share [1] - Continuous development in the server business, with a rising proportion of high-end server revenue [1] - Lenovo's PC shipments in the September quarter grew by 17% year-on-year, surpassing the global market's 9% growth rate, indicating positive market sentiment towards Lenovo [1] Group 2: Future Projections - Goldman Sachs anticipates further increases in Lenovo's AI PC production, optimizing the PC product structure [1] - The server business is expected to continue its trend of product structure upgrades, focusing on high-end products priced between $10,000 and $100,000, which will drive ISG revenue growth [1] - Goldman Sachs maintains a "Buy" rating on Lenovo and raises the target price to HKD 13.56 [1]

Flash | Michael Hung +886-2-8726-9092 michael.hung@citi.com 20 Oct 2025 10:33:44 ET │ 13 pages Lenovo Group (0992.HK) Stable Fundamentals & Steady Execution; Maintain Buy CITI'S TAKE We had a brief catch-up with Lenovo's IR team recently. Management noted a non-cash/non-operational warrant valuation loss of about US$148mn, which may weigh on 2QFY26 GAAP earnings. Excluding this item, Lenovo's fundamentals remain solid in 2QFY26 – IDG delivered double-digits % y-o-y shipment growth (as reported by IDC) with ...

Core Insights - Lenovo is launching the third season of the "New Business Innovation Ecosystem Roadshow" to support small and medium-sized enterprises (SMEs) by addressing their challenges in funding, channels, and resource connections [3][9] - The initiative has attracted over 350 innovative projects and facilitated nearly 100 companies to connect, with more than 60 projects achieving proof of concept (PoC) and around 20 products commercialized [3][4] Group 1: Event Overview - The third season will focus on four key tracks: AI PC-side intelligent technology, AI hardware and interaction technology, industry intelligent agents, and advanced manufacturing [4] - The competition format has been upgraded to include "3 city roadshows + 1 city showcase + 1 industry tour," taking place in five major industrial hubs: Shanghai, Hangzhou, Shenzhen, Hefei/Tianjin, and Beijing [4] Group 2: Support and Resources - Participants will unlock five core benefits: collaborative research and development, open ecosystem, capital support, brand empowerment, and service empowerment [5][25] - Winning projects will receive expert consulting, opportunities for million-level PoC projects, priority collaboration with Lenovo's factories, closed-door meetings with top investment institutions, and significant industry exposure [5][20] Group 3: Strategic Goals - Lenovo aims to create a deeper, more sustainable, and open co-creation ecosystem, linking innovative projects with investment institutions, industry leaders, local innovation clusters, and policy resources [9] - The initiative is positioned as a systematic innovation acceleration experiment, providing a platform for innovative ideas to gain visibility and support for commercialization [9][10]